1 May 2015
EUR/JPY consolidated below fresh highs on 134 handle
FXStreet (Guatemala) - EUR/JPY is currently trading at 133.94 with a high of 134.07 and a low of 133.89.
EUR/JPY is consolidated below the 134 handle having flexed its muscles to trade through 134.50 before aggressive supply met the rally from 134.06. The Euro has been bid since the 22nd April and shorts have been squeezed out on a series of rallies to 1.1266, fuelling the cross through the previous April highs at 131.29.
EUR/JPY now awaits a series of Japanese data, including CPI's, while yesterday, the BoJ they left policy unchanged but cut its inflation forecast for core CPI to 0.8% y/y (previously 1.0% from the January projection) and slightly lower its GDP estimate to 2.0% for FY2015, as note by analysts at TD Securities. "There was one dissenter in the meeting who favoured tapering the Bank's 80 trillion yen program. But, with the Bank slashing its forecasts and negative risks to the outlook, it seems more likely that the BoJ will add stimulus this year – perhaps sooner rather than later."
EUR/JPY is consolidated below the 134 handle having flexed its muscles to trade through 134.50 before aggressive supply met the rally from 134.06. The Euro has been bid since the 22nd April and shorts have been squeezed out on a series of rallies to 1.1266, fuelling the cross through the previous April highs at 131.29.
EUR/JPY now awaits a series of Japanese data, including CPI's, while yesterday, the BoJ they left policy unchanged but cut its inflation forecast for core CPI to 0.8% y/y (previously 1.0% from the January projection) and slightly lower its GDP estimate to 2.0% for FY2015, as note by analysts at TD Securities. "There was one dissenter in the meeting who favoured tapering the Bank's 80 trillion yen program. But, with the Bank slashing its forecasts and negative risks to the outlook, it seems more likely that the BoJ will add stimulus this year – perhaps sooner rather than later."